COMPANY NEWS; CNH GLOBAL TO REDUCE ITS GLOBAL WORK FORCE BY 7,000

CNH Global N.V., the farm and construction equipment company created by last year's acquisition of the Case Corporation by New Holland N.V., plans to reduce its worldwide work force by about 20 percent -- 7,000 jobs -- by 2002. The company had previously said it would seek to achieve $400 million to $500 million in annual savings in the next three to four years as a result of the combination. The Netherlands-based company will close 10 plants and 15 warehouses worldwide by 2002, a spokesman, Bill Masterson, said on Tuesday. CNH has 46 plants in 16 countries around the world.